I actually had trouble with my 7VAXP too. I think you might just have a defective board. I had mine not posting for a while, and then for some reason, when I hit the reset case button, it started working. Then, I switched out the cables on my hard drive to put in some high performance ones, and it stopped posting again. I KNOW I had everything on perfectly, so I took it back to fry's after noticing that the power LED wouldn't wor, which ever way I put the lead in, and the power button didn't work either.
Turns out they gave me a busted board. So I got a new one and it worked like a charm from the 1st boot.
I really just think you need to RMA that board and get anbother one, unless you can think of something you're doing wrong. Also, before you do anything, MAKE SURE that the fsb ON THE MOTHERBOARD is set to 133 (I think that's having both levers 1 & 2 set to off). I think I might have switched mine to 166 on accident, which may have been part of the reason it wouldn't post the second time.
Hope that helps some.